Location: Shenandoah County, VA | Metro: Harrisonburg, VA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $241,757 | 0.49% | F |
| 3BR | $1,630 | $361,790 | 0.45% | F |
| 4BR | $1,920 | $419,973 | 0.46% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 22844 (New Market, VA) hinges on its financial metrics, particularly when comparing the Fair Market Rent (FMR) to the median home value and considering the percentage of renters and average household income. For FY 2024, the FMR for ZIP 22844 stands at $1000, which is notably higher than the market rent of $946. This suggests a potentially high-yielding area for rental investments.
However, the median home value of $333,819 must be considered alongside these rental figures. The gap between the FMR and the median home value indicates that the rental market could be less attractive compared to owning a home, especially if the cost of living is relatively high. Despite this, the FMR being above the market rent still points towards a decent yield opportunity.
Moving on to stability, New Market has a significant 35.4% of its population renting homes, which is a positive sign for the rental market's health and demand. Unfortunately, the data does not provide the number of days on the market (DOM), which would have been useful for assessing the speed of property turnover. However, the average household income of $65,974 provides some insight into the economic stability of the area, suggesting that residents have sufficient income to support rental payments.
Based on these figures, ZIP 22844 leans towards a steady-cashflow zone rather than a high-yield/low-stability flip-style market. While the yield is favorable due to the higher-than-market FMR, the substantial median home value and stable rental percentage indicate a reliable cash flow. Landlords and small-portfolio investors should find this ZIP code suitable for long-term investment strategies focused on consistent returns.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.